WD 40 CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WD 40 CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	381	409	423	408	488	519	537	591	620	688
Cost of revenue	167	183	191	185	224	264	263	275	279	307
Gross profit	214	225	232	223	264	255	274	315	341	380
Research and development	8.4	7	6.5	6	5.6	5.1	6.2	8	8.7	8.1
Selling, general and administrative	115	121	124	122	145	139	155	184	200	225
Selling and marketing	20.5	22.3	23.3	21.6	28	27.3	28.8	33.9	37.4	44.7
Operating expenses	138	147	150	146	175	167	184	219	238	272
Operating income	75.9	78.6	82.4	77.2	88.8	87.3	89.7	96.4	104	109
Interest expense	2.58	4.22	2.54	2.44	2.4	2.74	5.61	4.29	3.44	2.77
Interest income	0.51	0.45	0.16	0.09	0.08	0.1	0.23	0.47	0.52	0.67
Other non-operating income	0.79	0.34	0.77	0.64	-0.03	-0.58	0.82	-1.03	0.76	-0.34
Pre-tax income	74.6	75.2	80.8	75.5	86.5	84.1	85.2	91.5	102	106
Income tax	21.7	9.96	24.9	14.8	16.3	16.8	19.2	21.9	10.6	24.2
Net income	52.9	65.2	55.9	60.7	70.2	67.3	66	69.6	91	82.3
EBITDA	82.7	86.4	90	84.9	95.9	95.6	97.9	106	112	119
EPS, basic	3.73	4.65	4.03	4.41	5.11	4.91	4.84	5.12	6.70	6.10
EPS, diluted	3.72	4.64	4.02	4.40	5.09	4.90	4.83	5.11	6.69	6.08
Shares, basic (weighted)	14.1	13.9	13.8	13.7	13.7	13.7	13.6	13.6	13.5	13.5
Shares, diluted (weighted)	14.1	14	13.8	13.7	13.7	13.7	13.6	13.6	13.6	13.5
Dividend per share	1.89	2.11	2.37	2.62	2.78	3.06	3.27	3.47	3.70	4.00

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	37.1	48.9	27.2	56.5	86	37.8	48.1	46.7	58.1	70.6
Short-term investments	80.2	0.22
Receivables	64.3	69	72.9	80.7	89.6	89.9	98	117	121	123
Inventory	35.3	36.5	40.7	41.3	55.8	104	86.5	79.1	79.9	83.3
Other current assets	8.01	13.3	7.22	6.76	9.95	17.8	15.8	12.2	26.4	19
Total current assets	225	168	148	185	241	250	249	255	285	296
Property, plant and equipment	29.4	36.4	45.1	60.8	70.1	66	66.8	63	60.4	58.7
Lease right-of-use assets				8.17	8.82	7.56	7.82	8.08	10.4	14.5
Goodwill	95.6	95.6	95.3	95.7	95.9	95.2	95.5	97	97.2	98.3
Intangible assets	16.2	13.5	10.7	8.63	7.24	5.59	4.67	6.22	2.42	3.53
Other non-current assets	3.09	3.07	3.19	3.73	6.04	9.67	13.5	14.8	16.3	19.6
Total assets	370	317	303	363	430	434	438	449	476	494
Accounts payable	20.9	19.1	18.7	21.7	33.5	32.9	30.8	36	38	41.4
Accrued liabilities	19	26.2	18.5	21.7	25.7	27.2	30	31.3	34.2	37.8
Deferred revenue				1.45	3.7	4.99	4.55	4.29	4.73	7.76
Short-term debt	20	23.6	21.2	0.8	0.8	39.2	10.8	8.66	0.8	0.8
Total current liabilities	75.4	85.9	74.6	60.1	85.9	111	88.8	104	102	115
Long-term debt	134	62.8	60.2	113	115	107	110	86	86.2	85.2
Lease liabilities				6.52	7.06	6	5.83	5.9	8.42	11.1
Other non-current liabilities	1.96	1.82	10.7	11.3	11.5	11.2	13.1	14.1	1.41	1.63
Total liabilities	230	162	157	202	230	246	228	219	208	221
Total debt	134	62.8	60.2	113	115	107	110	86	86.2	85.2
Paid-in capital	151	153	155	158	164	166	172	176	180	185
Retained earnings	316	351	374	399	431	456	477	500	541	569
Treasury stock	-299	-322	-351	-368	-368	-397	-408	-416	-428	-458
Other comprehensive income	-28.1	-27.6	-32.5	-28.2	-26	-36.2	-31.2	-29.3	-24.5	-23.5
Shareholders' equity	139	155	145	160	200	189	210	231	268	273
Total equity	139	155	145	160	200	189	210	231	268	273
Total liabilities and equity	370	317	303	363	430	434	438	449	476	494
Shares outstanding	14	13.9	13.7	13.7	13.7	13.6	13.6	13.5	13.5	13.4

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	52.9	65.2	55.9	60.7	70.2	67.3	66	69.6	91	82.3
Depreciation and amortization	6.77	7.8	7.59	7.7	7.02	8.29	8.15	9.46	8.19	10.4
Stock-based compensation	4.14	4.2	4.45	5.36	9.56	6.7	6.43	6.54	7.31	7.63
Deferred income tax	2.67	-7.54	0.79	-0.42	-1.55	0.32	-0.87	-1.11	0.87	-1.27
Change in receivables	0.48	-5.64	-7.32	-4.5	-6.6	-7.44	-5.34	-15.5	0.32	-2.35
Change in inventory	-3.49	-1.3	-4.8	0.56	-14.6	-53.3	19.4	6.41	-5.21	-1.52
Change in payables	2.83	6.11	-7.95	2.73	15.5	5.21	-0.21	4.32	2.92	4.95
Cash from operations	55.6	64.8	62.9	72.7	84.7	2.6	98.4	92	87.9	105
Capital expenditures	-20.2	-12.4	-13.3	-19.3	-15.1	-8.3	-6.87	-4.21	-4.53	-7.4
Acquisitions						0	0	-6.2	0	0
Purchases of investments	-27.1	-83.7
Cash from investing	-42.3	71.2	-12.7	-18.9	-14.5	-7.69	-6.22	-9.74	-2.39	-6.65
Debt issued		20			52	0	0
Debt repaid		-0.4	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8
Stock issued	0.78	0.22
Share buybacks	-31.1	-22.6	-29.6	-16.8	0	-29.2	-10.4	-8.09	-12.3	-29.6
Dividends paid	-26.8	-29.6	-32.9	-36	-38.2	-42	-44.6	-47.2	-50.3	-54
Cash from financing	-26.8	-121	-69	-26.7	-40.7	-38	-85	-83.9	-74.1	-86.7
Exchange rate effect	-0.25	-2.84	-2.8	2.22	-0.01	-5.02	3.17	0.19	0.01	0.86
Net change in cash	-13.8	11.8	-21.6	29.2	29.5	-48.1	10.3	-1.44	11.4	12.5
Free cash flow	35.4	52.5	49.6	53.4	69.7	-5.7	91.5	87.8	83.4	97.6
Interest paid	2.63	4.29	2.2	2.26	2.32	2.69	5.52	4.46	3.52	2.78
Income taxes paid	21.9	10.5	16.9	12.6	19.3	18.3	12.8	19.8	26.4	22.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $225.18 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.3%	Gross profit / revenue.
Operating margin	15.8%	Operating income / revenue.
EBITDA margin	17.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.5%	Pre-tax income / revenue.
Net margin	12.0%	Net income / revenue.
FCF margin	14.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.3%	Cash from operations / revenue.
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	30.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.0%	Net income / average total assets.
Return on invested capital (ROIC)	28.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.2%	Research and development expense / revenue.
SG&A / revenue	32.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-9.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	19.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	17.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.57x	Current assets / current liabilities.
Quick ratio	1.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.2%	Total debt / total assets.
Liabilities / assets	44.8%	Total liabilities / total assets.
Net debt	$14.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.12x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	39.3x	Operating income / interest expense.
Working capital	$180.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$171.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.42x	Revenue / average total assets.
Fixed asset turnover	11.6x	Revenue / average property, plant and equipment.
Inventory turnover	3.77x	Cost of revenue / average inventory.
Days inventory	97 days	365 x average inventory / cost of revenue.
Receivables turnover	5.66x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	114 days	Days inventory + days sales outstanding - days payables.
FCF conversion	118.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$6.10	Net income per basic share, as reported (split-adjusted).
Revenue per share	$50.97	Revenue / diluted weighted shares.
FCF per share	$7.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.78	Cash from operations / diluted weighted shares.
Book value per share	$20.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.77	Tangible book value / shares outstanding.
Cash per share	$5.27	(Cash + short-term investments) / shares outstanding.
Dividend per share	$4.00	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	65.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	55.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	30.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.02B	Share price x shares outstanding.
Enterprise value	$3.04B	Market cap + total debt - cash - short-term investments.
P/E	36.7x	Market cap / net income. Only when net income is positive.
P/S	4.39x	Market cap / revenue.
P/B	11.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.7x	Market cap / tangible book value, when positive.
P/FCF	31.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.8x	Market cap / cash from operations, when positive.
EV/Sales	4.41x	Enterprise value / revenue.
EV/EBIT	27.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.2%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.
PEG	4.60x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WD 40 CO's revenue in fiscal 2026?

WD 40 CO reported revenue of $688.0M for fiscal 2026, 11% higher than the year before.

Was WD 40 CO profitable in fiscal 2026?

Yes. Net income was $82.3M, a net margin of 12%.

How much free cash flow did WD 40 CO generate in fiscal 2026?

Cash from operations of $105.0M minus capital expenditures of $7.4M left free cash flow of $97.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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